Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 09, 2009 23:59 ET

New home construction declined in February

CHARLOTTETOWN, PEI, March 9 - Residential construction in urban
centres of the province declined when compared to the same period last year,
according to figures released today by Canada Mortgage and Housing Corporation
(CMHC). Preliminary data(1) indicate that a total of four units were started
in February 2009 compared to 17 during the same month in 2008.

"Total urban housing starts on PEI were significantly lower in February
2009 compared to the same month last year," said Jason Beaton, market analyst
with CMHC in Prince Edward Island. With four new units in February, single
starts in Charlottetown equaled last year's pace while, in Summerside, no
starts were recorded for the month. In addition, there were no multiple starts
recorded in either centre this February, as compared to 13 units last year in
Charlottetown.

In urban centres across Canada, total housing starts in February declined
by 59 per cent, down to 5,594 compared to last year's total of 13,531.
Single-detached starts decreased 53 per cent to 2,019 units, while multiple
unit starts were down 61 per cent from 9,192 units last year to 3,575 units
this year. In the Atlantic region, 262 new units were started in February 2009
compared to 255 units during the same period in 2008.

New home construction in Canada is slowing to more sustainable levels and
starts are forecast to come in at 160,250 units, within a range of 141,000 to
180,000 units in 2009. These trends are reflected in the year-to-date actual
starts. These decreases, however, should be viewed in the context that housing
starts have been exceptionally strong over the past 7 years, exceeding 200,000
units per year.

As Canada's national housing agency, CMHC draws on more than 60 years of
experience to help Canadians access a variety of quality, environmentally
sustainable, and affordable homes - homes that will continue to create vibrant
and healthy communities and cities across the country.



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1. Figures for the most recent month are preliminary and subject to
revisions due to corrections or updates from quarterly enumeration or
sampling results.


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PRELIMINARY URBAN MONTHLY HOUSING STARTS
PRINCE EDWARD ISLAND SUMMARY
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2009 2008 YEAR-TO-DATE
---------------- % Change ---------------- % Change
FEB FEB 2009 2008
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ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
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CHARLOTTETOWN CA
Single 4 4 0.0% 15 16 -6.3%
Multiple 0 13 (XX) 0 15 (XX)
TOTAL 4 17 -76.5% 15 31 -51.6%
-------------------------------------------------------------------------
SUMMERSIDE CA
Single 0 0 - 2 1 (XX)
Multiple 0 0 - 0 0 -
TOTAL 0 0 - 2 1 (XX)
-------------------------------------------------------------------------
ALL CENTRES(*)
Single 4 4 0.0% 17 17 0.0%
Multiple 0 13 (XX) 0 15 (XX)
TOTAL 4 17 -76.5% 17 32 -46.9%
-------------------------------------------------------------------------
(XX) Indicates changes in excess of 100% which are not reported due to
volatility resulting from small absolute numbers.

Contact Information

  • www.cmhc.ca or call 1-800-668-2642; on
    this release: Jason Beaton, CMHC Market Analysis Centre, (506) 851-6047, Cell:
    (506) 874-3989, jbeaton@cmhc.ca